Here are four positions that Farmer Gomez can be in: (1 ) bad weather for Gomez and good weather for all other farmers; (2 ) bad weather for all farmers except Gomez (who witnesses good weather); (3 ) bad weather for all farmers; (4 ) good weather for all farmers. Assuming the demand for foodstuffs is inelastic, Farmer Gomez would probably rank these four positions, from best for him to worst for
him, the following way:
A) 1,2,3,4.
B) 2,1,3,4.
C) 2,3,4,1.
D) 4,3,2,1.
E) 3,4,1,2.
C
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A real cost of tariffs and quotas that is difficult to measure is that they
A) encourage rent seeking. B) shift income from consumers to producers. C) limit the quantity of imports. D) reduce wages. E) cause deflation.
How would monetary easing by the Bank of Japan affect the value of the yen?
A) It increases it since more people will take out loans at the low interest rates. B) It reduces it since it reduces demand for yen since Japanese interest rates are now lower. C) It increases it since it increases demand for yen since Japanese interest rates are now higher. D) It reduces it since the supply of yen on the foreign exchange market is now lower.
What word describes the goods and services that are used to produce outputs for a business?
A. Revenue B. Inputs C. Production D. Cost
As the number of people who use Facebook increases, the value of Facebook to its users increases. This is an example of:
A. platform economics. B. network efficiencies. C. network externalities. D. platform externalities.